As you can see, the below charts and graphs depict a change in skew from going from a sellers market to a buyers market, as price reductions kick in with the summertime months. Factors including increasing days or market and inventory uptick create the ‘retraction cycle’ you see pictured — leading to a greater number in property price reductions. Although this can be seen by some as a warning sign of a ‘bubble’, it is a common annual trend as buyer fatigue sets in after home purchasers hit the market early and hard in the beginning months of the year. All that being said, this may be a buyers time to shine while they are able to submit an offer with lower buyer competition and increasing seller eagerness. Buyers take note; the magic length of time for price reduction? Between two to three weeks, or 14-21 days on market. Patience comes in a for the win with a penny saving virtue.
